WTW sets out structured data goal as it aims to roll out broking platform globally
WTW has said it plans to roll out its broking platform across all of its 4,000 brokers by the end of next year as it looks to reduce duplication and harmoise processes across its global operations.
In an interview with The Insurer TV, Hugo Wegbrans, WTW’s global head of broking and broking strategy, said that having all of its brokers structuring data in the same way across one platform will provide global insight into new ways of connecting with insurers and providing data to clients.
“People dislike change, but what we have also seen is that people dislike re-keying information in multiple systems even more,” Wegbrans said.
He said the platform will continue to evolve after being rolled out globally.
“We look at this more from the perspective of an IT company than an insurance broker,” he said.
“We believe this is something that can keep on developing. Once we prove what it does, and that it improves the broking process, that’s where we could get a really big success.”
Wegbrans said the company was currently in the process of talking to brokers who are going to use the platform to understand what some of the challenges are.
“There are parts of the platform that are going to be more beneficial for different parts of the organisation – different brokers and different countries – but as a whole, it works. But rather than say, ‘here is everything’, we are saying, ‘you tell me what you do, and I will show you how this can make your life better’.
“If you look at the WTW strategy, it is about using data and technology to create insights that then are being translated into solutions for clients that either have a product or industry expertise,” he explained.
“So the data input into that is super important. WTW has a broad suite of client analytics, which we believe differentiates us in the market.
“So, once we get the structured data to start, we connect that with the risk analysis to get better advice for the client.”
Dermot Sargent, broking platform leader at WTW, said: “The value of broking is being able to connect the client to the carrier; have that conversation, have that dialogue, and not sit and key information into a system.
“The more we can speed that up and enhance the process, the better they can do their job of talking to clients and carriers, delivering on what we need to do.”
According to Sargent, data harmonisation allows brokers to focus on the parts of the insurance process where they add value.
“So, the more and more we can speed that up, enhance it, make it better and provide support to the broker, so they can actually do their job. That is talking to clients, talking to carriers, making that connection, delivering on what we need to do, rather than, you know, keying into four or five systems in relation to where it is.
“In terms of carrier insight, you start to understand who is performing and who is not, because we're starting to track quote/bind ratios, and can do those comparisons around who has the better wordings.”
In April of this year WTW was able to take one of its most complex placements – a multinational property account for Zurich – and run it through its broking platform.
“We actually got that in their underwriting system without anyone re-keying it,” Wegbrans said.
Watch this 12-minute video to learn more about:
- The value brokers bring to the insurance process
- How carriers can benefit from structured data
- The impact of geographical spread on broker efficiency